A new survey of the British economy from the Office for National Statistics says that one in four businesses are cutting back on their staff during the current Covid-19 crisis.
Nearly half of the 3,642 businesses who responded to the survet reported turnover that was “lower than expected” for the period 9 to 22 March 2020 while a quarter said they were reducing staffing levels while half had encouraged their staff to stay at home.
The survey is the first in what the ONS says will become their first weekly faster indicator data covering the economy and society in response to the coronavirus pandemic.
They are also publishing new experimental weekly online price indices for several high-demand products such as long-life food and health, household and hygiene products.
Between 9 March and 22 March 2020, prices of materials, goods or services bought generally stayed the same for 63% of responding businesses. However, 12% of responding businesses reported that prices had increased.
In the same period, 68% of responding businesses reported not having to change the price of items they sold.
Of businesses that responded, 48% were able to get required materials, goods or services from within the UK in the given period. An additional 19% of reporting business were able to get the required materials, goods or services but had to change suppliers to do so. Of reporting businesses, 13% were unable to get required materials, goods or services.
